CANADA STOCKS-TSX pulled lower by U.S. data, mining shares

Reuters Staff

2 Min Read

* TSX down 22.94 points, or 0.16 percent, at 14,711.75
* Six of 10 main index sectors advance
* Teck, First Quantum slip with copper price
By John Tilak
TORONTO, June 4 (Reuters) - Canada's main stock index edged
lower on Wednesday as the energy sector slipped after sluggish
U.S. private-sector job growth and a drop in the price of copper
fueled declines in the mining sector.
Figures from payrolls processor ADP showed U.S. companies
hired fewer-than-expected workers in May and posted the lowest
monthly gain since January.
Copper futures were down 1.5 percent, weighing on shares of
miners such as Teck Resources Ltd and First Quantum
Minerals Ltd.
The Toronto market eased after climbing in each of the
previous three sessions. It is still up 8 percent this year.
"The market is looking a little tired," said David
Cockfield, managing director and portfolio manager at Northland
Wealth Management, who expects a pullback at some point.
"We've gone too long without a correction," he added. "It's
not a market that one can get terribly excited about."
Cockfield, who expects the Canadian benchmark index to
outperform U.S. stocks in 2014, said most of the index's
potential gains for the year might have already been recorded.
The Toronto Stock Exchange's S&P/TSX composite index
was down 22.94 points, or 0.16 percent, at 14,711.75.
Six of the 10 main sectors on the index were higher.
Shares of energy producers declined 0.2 percent despite
higher oil prices. Enbridge Inc shed 0.8 percent to
C$51.46, and Talisman Energy Inc fell 0.7 percent to
C$11.14.
Among mining stocks, First Quantum lost 1.9 percent to
C$22.13 and Teck gave back 1.2 percent to C$23.90.
Northland Wealth Management's Cockfield said he recently got
rid of most of his holdings in the mining sector because he does
not see too many catalysts for the group.
(Editing by Jonathan Oatis)